(Thanks to Gateway Pundit) I'm sorry to break a few "yes we can" screaming hearts.
"Even the most basic inspection of the IRS income tax statistics shows that raising taxes on the salaries, dividends and capital gains of those making more than $250,000 can't possibly raise enough revenue to fund Mr. Obama's new spending ambitions.
Consider the IRS data for 2006, the most recent year that such tax data are available and a good year for the economy and "the wealthiest 2%."
Roughly 3.8 million filers had adjusted gross incomes above $200,000 in 2006. (That's about 7% of all returns; the data aren't broken down at the $250,000 point.)
These people paid about $522 billion in income taxes, or roughly 62% of all federal individual income receipts.
The richest 1% -- about 1.65 million filers making above $388,806 -- paid some $408 billion, or 39.9% of all income tax revenues, while earning about 22% of all reported U.S. income."
You can't finance Obama-economics by "taxing the rich".
However, you may do it by taxing a lot of us who don't make $250,000!
Get ready for the big tax hike!
P.S. Pres Obama has also declared "war" on businesses, i.e. our employers.
Who does Pres Obama think will hire people?
Someone at The White House should check out this editorial:
"His proposals reflect a stunning disregard for the impact of government policies on economic output and a clear preference for jobs created by government spending rather than private investment.
The president says he wants to eliminate the George W. Bush tax cuts "on the wealthy," a core promise of his campaign.
But those cuts help reduce the cost of capital in America, an essential tool to helping business out of this recession.
Raising the capital gains tax, as Obama proposes, will make private investment dollars even scarcer, as will hiking income taxes on those most likely to invest in the economy."
